Bay City FHA Loan Rates, Closing Costs & Stats

BAY CITY, MI

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Bay City's 53 lenders originated 252 FHA loans during 2024. The total origination value was $37,960,000, with an average FHA loan value of $150,635.

    Bay City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bay City averaged 6.92% for the week of 2025-05-23, compared to the national average (all FHA variants) of 6.612% for the same period.

    Bay City's average FHA mortgage closing costs are $5,429.

    The average rate for the prior week (2025-05-16) was 6.85% and one month ago for the week of 2025-04-18, the average rate was 6.97%.

    The average rate one year ago was 6.95%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.99%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Bay City FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Bay City level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    STAUNTON FINANCIAL, INC. 48 6.78% $6,682
    QUICKEN LOANS, LLC 47 6.52% $8,214
    UNITED WHOLESALE MORTGAGE, LLC 18 6.49% $9,327
    DAS Acquisition Company, LLC 15 6.65% $9,713
    FIRST COMMUNITY MORTGAGE, INC. 9 6.94% $5,957
    Preston Home Loans Inc 9 6.49% $6,885
    FREEDOM MORTGAGE CORPORATION 6 6.35% $6,815
    The Huntington National Bank 5 6.90% $5,866
    Equity Prime Mortgage LLC 5 7.63% $7,502
    LOANDEPOT.COM, LLC 4 6.90% $6,980
    J. VIRGIL, INC. 4 6.75% $6,338
    BLG HOLDINGS, INC. 4 6.94% $8,004
    NEWREZ LLC 3 6.62% $6,894
    BROKER SOLUTIONS, INC. 3 6.96% $6,503
    FINANCIAL PLUS CREDIT UNION 3 6.04% $5,362
    GUILD MORTGAGE COMPANY 3 6.79% $7,196
    VILLAGE CAPITAL MORTGAGE 2 7.00% $2,293
    Independent Bank 2 6.31% $4,746
    AMERICAN FINANCIAL NETWORK, INC. 2 6.44% $15,203
    CARDINAL FINANCIAL 2 6.75% $7,643
    Carrington Mortgage Services, LLC 2 5.56% $8,652
    Century Mortgage Company DBA Century Lending Company 1 6.75% $3,803
    GENEVA FINANCIAL, LLC 1 6.38% $5,042
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.63% $6,372
    GUARANTEED RATE, INC. 1 6.63% $5,925
    GVC MORTGAGE, INC. 1 6.50% $8,181
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $9,576
    Horizon Bank 1 6.25% $6,169
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.25% $11,350
    CANOPY MORTGAGE, LLC 1 6.25% $6,483
    Mercantile Bank of Michigan 1 6.63% $6,155
    MID AMERICA MORTGAGE, INC. 1 7.25% $0
    Mortgage Research Center, LLC 1 7.50% $2,959
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.00% $18,671
    NETWORK CAPITAL FUNDING CORPORATION 1 6.50% $15,262
    NEW DAY FINANCIAL, LLC 1 7.74% $5,485
    PENNYMAC LOAN SERVICES, LLC 1 5.99% $9,497
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.75% $7,660
    CALCON MUTUAL MORTGAGE LLC 1 6.13% $9,588
    Bank of England 1 6.75% $6,030
    SOUTHWEST FUNDING, LP 1 7.25% $6,507
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.49% $5,083
    SUN WEST MORTGAGE COMPANY, INC. 1 7.75% $19,328
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $8,761
    TOP FLITE FINANCIAL, INC. 1 7.38% $9,421
    UNION HOME MORTGAGE CORP. 1 6.13% $6,824
    CROSSCOUNTRY MORTGAGE, LLC 1 7.19% $7,715
    Dort Financial Credit Union 1 6.75% $3,527
    Citizens Bank 1 6.50% $5,542
    CHURCHILL MORTGAGE CORPORATION 1 6.13% $9,001
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.63% $4,864
    Fifth Third Bank 1 6.88% $5,369
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $8,009

    The top Bay City FHA lender as defined by loan originations is STAUNTON FINANCIAL, INC., with 48 FHA loans originated. Their average total fees are $6,682, which is $1,532 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Bay City FHA lenders (with over 10 loans originated) are STAUNTON FINANCIAL, INC. ($6,682), QUICKEN LOANS, LLC ($8,214), UNITED WHOLESALE MORTGAGE, LLC ($9,327), DAS Acquisition Company, LLC ($9,713) and .

    The lowest rate Bay City FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.49%), QUICKEN LOANS, LLC (6.52%), DAS Acquisition Company, LLC (6.65%), STAUNTON FINANCIAL, INC. (6.78%) and .

    Bay City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BAY CITY, MI BAY 2022 $420,680 $538,650 $651,050 $809,150
    BAY CITY, MI BAY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bay City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $87,850 (3.5%) $118,872 (4.2%) 0.00 333
    2018-02-01 $88,800 (4.3%) $124,293 (5.6%) 0.00 327
    2018-03-01 $89,900 (4.8%) $128,418 (4.6%) 0.00 302
    2018-04-01 $95,850 (6.6%) $137,364 (6.3%) 0.00 279
    2018-05-01 $97,350 (2.5%) $135,241 (1.9%) 0.00 286
    2018-06-01 $98,950 (10.1%) $136,047 (7.7%) 0.00 390
    2018-07-01 $99,900 (13.0%) $146,147 (20.6%) 0.00 387
    2018-08-01 $107,000 (22.7%) $149,864 (24.3%) 0.00 388
    2018-09-01 $109,900 (27.9%) $150,976 (26.8%) 0.00 391
    2018-10-01 $108,000 (24.6%) $145,219 (21.1%) 0.00 384
    2018-11-01 $105,575 (19.1%) $144,487 (21.7%) 0.00 375
    2018-12-01 $96,400 (7.2%) $142,129 (18.8%) 0.00 369
    2019-01-01 $94,800 (7.9%) $141,432 (19.0%) 0.00 348
    2019-02-01 $89,900 (1.2%) $141,547 (13.9%) 0.00 312
    2019-03-01 $93,457 (4.0%) $243,923 (89.9%) 0.00 292
    2019-04-01 $98,350 (2.6%) $246,983 (79.8%) 0.00 281
    2019-05-01 $102,400 (5.2%) $150,654 (11.4%) 0.00 297
    2019-06-01 $119,450 (20.7%) $163,601 (20.3%) 0.00 317
    2019-07-01 $115,400 (15.5%) $158,067 (8.2%) 0.00 330
    2019-08-01 $116,445 (8.8%) $160,240 (6.9%) 0.00 349
    2019-09-01 $117,264 (6.7%) $160,799 (6.5%) 0.00 365
    2019-10-01 $114,334 (5.9%) $160,594 (10.6%) 0.00 383
    2019-11-01 $99,900 (-5.4%) $155,554 (7.7%) 0.00 365
    2019-12-01 $94,900 (-1.6%) $150,448 (5.9%) 0.00 319
    2020-01-01 $88,275 (-6.9%) $143,454 (1.4%) 0.00 277
    2020-02-01 $89,900 (0.0%) $152,713 (7.9%) 0.00 265
    2020-03-01 $93,475 (0.0%) $155,537 (-36.2%) 0.00 248
    2020-04-01 $94,950 (-3.5%) $155,074 (-37.2%) 0.00 216
    2020-05-01 $99,900 (-2.4%) $156,472 (3.9%) 0.00 199
    2020-06-01 $117,100 (-2.0%) $167,798 (2.6%) 0.00 188
    2020-07-01 $110,225 (-4.5%) $172,528 (9.2%) 0.00 164
    2020-08-01 $115,900 (-0.5%) $942,848 (488.4%) 0.00 152
    2020-09-01 $112,625 (-4.0%) $176,584 (9.8%) 0.00 139
    2020-10-01 $109,900 (-3.9%) $160,416 (-0.1%) 0.00 134
    2020-11-01 $123,650 (23.8%) $159,572 (2.6%) 0.00 123
    2020-12-01 $127,425 (34.3%) $166,159 (10.4%) 0.00 114
    2021-01-01 $129,900 (47.2%) $173,595 (21.0%) 0.00 110
    2021-02-01 $126,650 (40.9%) $169,815 (11.2%) 0.00 92
    2021-03-01 $106,225 (13.6%) $180,650 (16.2%) 0.00 82
    2021-04-01 $161,950 (70.6%) $205,368 (32.4%) 0.00 70
    2021-05-01 $149,900 (50.1%) $195,317 (24.8%) 0.00 85
    2021-06-01 $141,175 (20.6%) $205,632 (22.6%) 0.00 120
    2021-07-01 $147,900 (34.2%) $206,550 (19.7%) 0.00 149
    2021-08-01 $137,475 (18.6%) $191,707 (-79.7%) 0.00 169
    2021-09-01 $129,400 (14.9%) $187,362 (6.1%) 0.00 175
    2021-10-01 $124,900 (13.7%) $188,410 (17.5%) 0.00 179
    2021-11-01 $121,075 (-2.1%) $175,098 (9.7%) 0.00 157
    2021-12-01 $107,350 (-15.8%) $170,322 (2.5%) 0.00 146
    2022-01-01 $103,500 (-20.3%) $169,917 (-2.1%) 0.00 117
    2022-02-01 $119,700 (-5.5%) $186,640 (9.9%) 0.00 100
    2022-03-01 $129,300 (21.7%) $191,254 (5.9%) 0.00 76
    2022-04-01 $149,900 (-7.4%) $205,438 (0.0%) 0.00 75
    2022-05-01 $152,725 (1.9%) $213,624 (9.4%) 0.00 95
    2022-06-01 $151,225 (7.1%) $197,918 (-3.8%) 0.00 119
    2022-07-01 $169,900 (14.9%) $222,625 (7.8%) 0.00 139
    2022-08-01 $174,950 (27.3%) $226,089 (17.9%) 0.00 141
    2022-09-01 $180,500 (39.5%) $215,421 (15.0%) 0.00 132
    2022-10-01 $178,700 (43.1%) $215,677 (14.5%) 0.00 137
    2022-11-01 $165,225 (36.5%) $199,913 (14.2%) 0.00 134
    2022-12-01 $159,900 (49.0%) $203,128 (19.3%) 0.00 127
    2023-01-01 $152,400 (47.3%) $200,700 (18.1%) 0.00 111
    2023-02-01 $178,500 (49.1%) $224,151 (20.1%) 0.00 92
    2023-03-01 $208,650 (61.4%) $242,878 (27.0%) 0.00 75
    2023-04-01 $177,500 (18.4%) $243,777 (18.7%) 0.00 68
    2023-05-01 $171,950 (12.6%) $230,327 (7.8%) 0.00 73
    2023-06-01 $177,450 (17.3%) $223,834 (13.1%) 0.00 88
    2023-07-01 $182,400 (7.4%) $222,773 (0.1%) 0.00 96
    2023-08-01 $179,175 (2.4%) $224,385 (-0.8%) 0.00 100
    2023-09-01 $172,400 (-4.5%) $231,585 (7.5%) 0.00 106
    2023-10-01 $157,450 (-11.9%) $218,460 (1.3%) 0.00 129
    2023-11-01 $154,900 (-6.3%) $213,245 (6.7%) 0.00 152
    2023-12-01 $155,000 (-3.1%) $208,100 (2.5%) 0.00 142
    2024-01-01 $161,400 (5.9%) $201,271 (0.3%) 0.00 134
    2024-02-01 $167,450 (-6.2%) $214,895 (-4.1%) 0.00 125
    2024-03-01 $169,450 (-18.8%) $222,124 (-8.6%) 0.00 120
    2024-04-01 $196,950 (11.0%) $245,575 (0.7%) 0.00 111
    2024-05-01 $199,450 (16.0%) $248,649 (8.0%) 0.00 119
    2024-06-01 $199,000 (12.1%) $248,754 (11.1%) 0.00 111
    2024-07-01 $207,500 (13.8%) $244,704 (9.8%) 0.00 126
    2024-08-01 $199,950 (11.6%) $239,312 (6.7%) 0.00 117
    2024-09-01 $202,225 (17.3%) $249,643 (7.8%) 0.00 127
    2024-10-01 $197,250 (25.3%) $254,537 (16.5%) 0.00 145
    2024-11-01 $186,500 (20.4%) $237,349 (11.3%) 0.00 173
    2024-12-01 $180,450 (16.4%) $230,572 (10.8%) 0.00 168
    2025-01-01 $183,000 (13.4%) $219,929 (9.3%) 0.00 160
    2025-02-01 $185,625 (10.9%) $221,583 (3.1%) 0.00 145
    2025-03-01 $192,400 (13.5%) $236,386 (6.4%) 0.00 137
    2025-04-01 $184,700 (-6.2%) $231,812 (-5.6%) 0.00 122
    Bay City's median listing price for 2025-04-01 was $184,700, a difference of $-12,250 (-6.2%) versus the prior year and $-7,700 versus the prior month.

    Bay City's median listing price comes in at 0% of the national average.

    Bay City's average listing price for 2025-04-01 was $231,812, a difference of $-13,763 (-5.6%) versus the prior year and $-4,574 versus the prior month.

    For the 2025-04-01 period, Bay City had 122 MLS listings, a difference of -15 listings (-11%) versus the prior month and 11 listings (10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bay City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,380 sqft
    2018-02-01 0 days 1,367 sqft
    2018-03-01 0 days 1,373 sqft
    2018-04-01 0 days 1,390 sqft
    2018-05-01 0 days 1,388 sqft
    2018-06-01 0 days 1,391 sqft
    2018-07-01 0 days 1,400 sqft
    2018-08-01 0 days 1,415 sqft
    2018-09-01 0 days 1,446 sqft
    2018-10-01 0 days 1,454 sqft
    2018-11-01 0 days 1,442 sqft
    2018-12-01 0 days 1,396 sqft
    2019-01-01 0 days 1,402 sqft
    2019-02-01 0 days 1,391 sqft
    2019-03-01 0 days 1,386 sqft
    2019-04-01 0 days 1,418 sqft
    2019-05-01 0 days 1,454 sqft
    2019-06-01 0 days 1,477 sqft
    2019-07-01 0 days 1,471 sqft
    2019-08-01 0 days 1,509 sqft
    2019-09-01 0 days 1,487 sqft
    2019-10-01 0 days 1,467 sqft
    2019-11-01 0 days 1,452 sqft
    2019-12-01 0 days 1,402 sqft
    2020-01-01 0 days 1,361 sqft
    2020-02-01 0 days 1,362 sqft
    2020-03-01 0 days 1,400 sqft
    2020-04-01 0 days 1,367 sqft
    2020-05-01 0 days 1,403 sqft
    2020-06-01 0 days 1,535 sqft
    2020-07-01 0 days 1,531 sqft
    2020-08-01 0 days 1,566 sqft
    2020-09-01 0 days 1,497 sqft
    2020-10-01 0 days 1,483 sqft
    2020-11-01 0 days 1,474 sqft
    2020-12-01 0 days 1,426 sqft
    2021-01-01 0 days 1,480 sqft
    2021-02-01 0 days 1,402 sqft
    2021-03-01 0 days 1,378 sqft
    2021-04-01 0 days 1,546 sqft
    2021-05-01 0 days 1,480 sqft
    2021-06-01 0 days 1,460 sqft
    2021-07-01 0 days 1,500 sqft
    2021-08-01 0 days 1,492 sqft
    2021-09-01 0 days 1,476 sqft
    2021-10-01 0 days 1,497 sqft
    2021-11-01 0 days 1,500 sqft
    2021-12-01 0 days 1,473 sqft
    2022-01-01 0 days 1,491 sqft
    2022-02-01 0 days 1,419 sqft
    2022-03-01 0 days 1,413 sqft
    2022-04-01 0 days 1,461 sqft
    2022-05-01 0 days 1,527 sqft
    2022-06-01 0 days 1,466 sqft
    2022-07-01 0 days 1,496 sqft
    2022-08-01 0 days 1,515 sqft
    2022-09-01 0 days 1,526 sqft
    2022-10-01 0 days 1,559 sqft
    2022-11-01 0 days 1,526 sqft
    2022-12-01 0 days 1,546 sqft
    2023-01-01 0 days 1,454 sqft
    2023-02-01 0 days 1,500 sqft
    2023-03-01 0 days 1,545 sqft
    2023-04-01 0 days 1,546 sqft
    2023-05-01 0 days 1,545 sqft
    2023-06-01 0 days 1,546 sqft
    2023-07-01 0 days 1,452 sqft
    2023-08-01 0 days 1,507 sqft
    2023-09-01 0 days 1,458 sqft
    2023-10-01 0 days 1,443 sqft
    2023-11-01 0 days 1,506 sqft
    2023-12-01 0 days 1,456 sqft
    2024-01-01 0 days 1,413 sqft
    2024-02-01 0 days 1,445 sqft
    2024-03-01 0 days 1,433 sqft
    2024-04-01 0 days 1,518 sqft
    2024-05-01 0 days 1,520 sqft
    2024-06-01 0 days 1,506 sqft
    2024-07-01 0 days 1,586 sqft
    2024-08-01 0 days 1,523 sqft
    2024-09-01 0 days 1,537 sqft
    2024-10-01 0 days 1,532 sqft
    2024-11-01 0 days 1,509 sqft
    2024-12-01 0 days 1,485 sqft
    2025-01-01 0 days 1,455 sqft
    2025-02-01 0 days 1,458 sqft
    2025-03-01 0 days 1,492 sqft
    2025-04-01 0 days 1,484 sqft
    Bay City's median listing age (time on market) for 2025-04-01 was 0 days.

    Bay City's median square footage for active listings during the 2025-04-01 period was 1,484 sqft. One year prior, the average listing was 1,518 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).